Going independent is challenging enough, but life (and death) doesn’t pause for it.
As financial advisors, we help support our clients through major life transitions—marriage, divorce, retirement, long-term care, and death. What’s often left unspoken is how emotionally, physically, and spiritually draining these experiences can be.
Taking my firm independent was a milestone that ranks as one of the top challenges in my life.
For many RIAs, going independent means leaving the safety of a larger enterprise—and a steady paycheck—for the uncertainty of doing everything yourself. Alongside that uncertainty come personal fears and anxieties about whether you’ll succeed.
And life doesn’t go on hold for you to figure it out. Just months after officially launching my RIA, TradeWinds, my father passed away. Emotionally, it felt as significant as becoming a husband and father.
Our job is to guide clients through their life transitions—some difficult, some joyful—but I didn’t anticipate going independent would become one of my own life-altering events. If an advisor is considering this transition, they need to be doing it for the right reasons. They must believe it will improve what they offer their clients, because sometimes that belief is the only thing that will carry them through the storm.
I’m a second-generation financial advisor, and my career began when I was just a kid. My father, Fred, started in the business in the 1980s with J.C. Wheat & Co. out of Durham, N.C., which eventually became part of a much larger firm.
When I was in college, I showed interest in finance and joining his firm. His advice was to go out and make your mistakes first, then he would mentor me. After graduation, I took a job at an insurance company, selling policies and annuities in Kansas City. I learned the hard way—getting hung up on countless times—but those lessons proved invaluable.
In 2001, my wife Kate and I moved to Raleigh, N.C., where I joined my father as a junior financial advisor. Though I had natural sales skills and a knack for statistical analysis, I had a lot to learn. My father was patient, allowing me to make mistakes while teaching me how to genuinely serve clients and become a trusted advisor.
As I advanced to partner, I cherished the opportunity to work alongside my father in what felt like a deeply rewarding professional partnership. But when the 2008 financial crisis struck, everything changed. Due to another merger at the time, we found ourselves transitioning from a regional brokerage to part of a massive global bank. Even the change in our office's color scheme—from a calming blue-green to a bold red and gold—symbolized the broader shift.
It wasn’t just the look of the place that changed; it felt like we were losing the very core of who we were. The new corporate environment stifled my natural curiosity and creativity. Conversations about emerging markets like cryptocurrency or marijuana stocks were shut down. I felt disconnected, disenfranchised. Higher account minimums were implemented, which clashed with the business my father had built—one rooted in community, not exclusivity.
At this point, my father was ready to retire, and we planned a seamless transition. But I knew that once I took over, our firm would begin to lay the groundwork to go independent.
In 2019, I began assembling a team for the transition. Stephanie Williams, now the President of TradeWinds, and Tracey Nobles, our Vice President of Finance and Operations, became my core support. Together, we brought in two other advisors who had also felt the cultural shift at our current custodian.
We gathered in a conference room and started whiteboarding the future of our company. What mattered most to us? How would we run things?
In 2021, we committed to the transition. The process was daunting: I had to find an office space, navigate regulatory hurdles, name the business, and implement a marketing structure—all while managing client expectations.
Through it all, my team and I were determined. We shared roles, leaned on each other, and pushed through every challenge, including the unexpected ones.
My father was able to witness the birth of our independent firm, which brought him immense pride. Just a few months after our launch, he passed away. The loss was profound, but I was ready. We had built this firm together, and I felt his guidance every step of the way.
As the market dropped 20% while client money was still transferring to our new firm, I faced immense pressure. But my team and our clients believed in what we were doing, and that belief carried us through the chaos.
My father’s legacy—his dedication to clients, his wisdom, his unwavering consistency—became the foundation of my leadership. His passing strengthened my resolve to build something meaningful, both in business and in life.
I honor my father’s hard work and dedication, which laid the groundwork for what TradeWinds is today. While I’ve taken the business into its second generation, its roots remain firmly planted in the principles he instilled.
Looking back, I know the move to independence was the right decision for me. Many of the advisors who joined us wish they’d made the leap years earlier. But the truth is, we change as individuals over time. Who I was as a junior advisor in my 20s isn’t who I am now in my 40s. I’ve embraced the value of consistency—something my father taught me—that clients need in turbulent times.
As a CEO, my role is to empower my team to grow, even if progress isn’t linear.
For other advisors considering the leap to independence, know that this transition will change you. But that’s the opportunity: to grow and become something better.
This article is being provided for informational purposes only and is not intended to be relied on as investment advice, does not constitute a recommendation of any investment or strategy or an inducement to buy or sell securities. The opinions expressed herein are those of the author and do not necessary reflect the opinion of TradePMR. Any opinions expressed are subject to change without notice. There is no guarantee that any forecast implied will come to fruition. Past performance is no guarantee of future results. Any reliance on the information is done solely at the discretion of the reader. Investing involves risks and the possibility of losing principal. TradePMR does not provide investment, tax or legal advice.
Tradewinds and Tim Whitney is a client of TradePMR. No compensation was paid to client for this article. This article reflects this client's experience. Your experience may vary.
TradePMR and any third party mentioned are separate and unaffiliated. Trade-PMR, member of FINRA/SIPC.